Michigan State's Tom Izzo signs new deal worth $6.2M per year
East Lansing — While Tom Izzo has been busy on the recruiting trail, he was also working on a new contract with Michigan State.
The university announced on Thursday it had agreed to a new five-year rollover contract that will pay the Hall of Fame coach $6.2 million annually, making him the second-highest paid coach in college basketball behind Kentucky’s John Calipari.
The contract will be up for formal approval from Board of Trustees at the next meeting on Sept. 9.
“Twelve years ago, Tom Izzo said he would be a Spartan for Life, and today’s announcement further demonstrates and renews this commitment,” athletic director Alan Haller said in a statement. “We have worked collaboratively to come up with a contract which benefits the university, Coach Izzo and his family.”
Izzo’s five-year rollover contract includes non-performance related compensation of $5.92 million per year, including a $2.43 million base, $3.09 million in supplemental compensation and $400,000 from footwear and apparel provider Nike. Total compensation including airplane use and additional fringe benefits adds up to a yearly compensation package with a value of approximately $6.2 million per year.
“Michigan State has been a home to me and my family for 40 years and I’m ecstatic to sign this contract,” Izzo said in the statement. “It means a great deal to me that the Board of Trustees, President Stanley, Alan Haller and the university continue to have the confidence in our program as we strive to be not only the best men’s basketball team in the country, but to play a role in helping every program in the department achieve success.”
Preparing to begin his 28th season leading the Spartans, Izzo has been recruiting at a high level in recent days, adding three top-100 prospects in the last two weeks, moving the 2023 class up to No. 3 in the nation. It’s all in an effort to keep Michigan State among the nation’s elite, something that has been the mark of Izzo’s career.
In addition to winning the 2000 national championship — the last Big Ten team to do so — Izzo has won 10 Big Ten regular-season championships and six Big Ten tournament titles while making eight Final Four appearances and earning eight national coach of the year awards.
The Spartans have appeared in 24 consecutive NCAA Tournaments, the second-longest active streak and third longest overall. Izzo’s eight Final Fours rank fifth all-time and is the most among active coaches. He’s compiled a 666-267 record and has more overall victories at a Big Ten school than any coach in conference history.
“We have worked hard to maintain championship standards and I’m as energized to coach now as I was when I started as the head coach in 1995,” Izzo said. “When you look at the last 10-12 seasons in men’s basketball and football, both under Coach (Mark) Dantonio and Coach (Mel) Tucker, you’d be hard-pressed to find a school with more success. But I know the best is yet to come — not only for our two programs, but for the entire department.
“This is an exciting time for Michigan State and there’s no better place to be in college athletics, with the support we have from the university, our students, our community and the tremendous Spartan alumni. I love Michigan State and I am proud and excited to continue the hard work to bring another national championship to East Lansing.”
The Iron Mountain native began his career at Michigan State as a part-time assistant to Jud Heathcote in 1983. Izzo joined Tulsa’s staff in 1986, a move that lasted seven weeks before Heathcote brought Izzo back as a full-time assistant. In 1995-96, Izzo took over for the retiring Heathcote.
“We greatly appreciate Coach Izzo’s commitment to our outstanding university and his competitive drive to keep Spartan Basketball as a national powerhouse,” MSU president Samuel L. Stanley said. “He is a committed Spartan, full of pride for all that we do — for all our athletics programs and student athletes, but also for our academic programs and every single student on our campus. On behalf of the Board of Trustees, we are all grateful for his continued leadership at MSU.”